Report Industry Investment Rating - Propylene, Plastic, PVC: ★☆☆ (One star represents a bias towards long/short, with a driving force for an upward/downward trend, but poor operability on the trading floor) [1] - Pure Benzene, Short Fiber: ★★★ (Three stars represent a clearer long/short trend, and there are still relatively appropriate investment opportunities currently) [1][5] - Styrene: ★☆☆ (One star represents a bias towards long/short, with a driving force for an upward/downward trend, but poor operability on the trading floor) [1] - PX: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - PTA: ★★★ (Three stars represent a clearer long/short trend, and there are still relatively appropriate investment opportunities currently) [1] - Ethylene Glycol: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Bottle Chip: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Methanol: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Urea: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Caustic Soda: ☆☆☆ (White star represents that the short - term long/short trend is in a relatively balanced state, and the current trading floor has poor operability, suggesting to wait and see) [1] - Soda Ash, Glass: ★★★ (Three stars represent a clearer long/short trend, and there are still relatively appropriate investment opportunities currently) [1] Core View of the Report - The prices of most chemical products in the market are under pressure, with some showing downward trends and some in a state of weak shocks. The supply and demand situation of different products varies, and short - term and medium - term trends are affected by multiple factors such as cost, supply, demand, and external market conditions [2][3][5] Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures fluctuated widely around the 5 - day moving average. The price hit a new low this year, but the market trading atmosphere improved. Plastic and polypropylene futures fluctuated. Polyethylene had a strong wait - and - see atmosphere, with cost support weakening and supply pressure. Polypropylene faced increased supply and weak downstream demand [2] Pure Benzene - Styrene - Pure benzene futures prices oscillated at a low level, with inventory rising and import pressure remaining. Month - spread reverse arbitrage was recommended. Styrene futures prices continued to decline, with cost support weakening and short - term supply - demand improvement having limited impact on prices [3] Polyester - PX and PTA prices continued to be weak, with PTA having a stockpiling expectation. Ethylene glycol lacked substantial positive factors in the short term. Short fiber was a short - term long - position allocation, while bottle chips faced long - term over - capacity pressure [5] Coal Chemical Industry - Methanol in coastal areas might show different inventory trends, with short - term shocks and a medium - to - long - term upward trend. Urea market supply and demand remained loose, and the short - term market would continue to oscillate within a range [6] Chlor - Alkali - PVC might show a weak downward trend, with supply increasing and future export facing pressure. For caustic soda, short - selling should be cautious due to unfalsified downstream replenishment demand and a high basis [7] Soda Ash - Glass - Soda ash continued to decline, with high supply pressure. Glass continued to weaken, but the decline was expected to be limited due to low valuation [8]

Report Industry Investment Ratings - Propylene, plastic, PVC: ★☆☆, indicating a slightly bullish or bearish trend with limited trading operability [1] - Pure benzene, short - fiber: ★★★, suggesting a clearer bullish or bearish trend and relatively appropriate investment opportunities [1][5] - Styrene, PTA, methanol, urea, caustic soda, soda ash, glass: ☆☆☆, meaning the short - term bullish and bearish trends are in a relatively balanced state with poor trading operability, advising to wait and see [1][3][5][6][7][8] - PX, ethylene glycol, bottle - chip: ☆☆☆, representing a short - term balance between bullish and bearish trends and low operability on the market [1][5] Core Viewpoints - The overall situation of the chemical industry is complex, with different products showing various trends. Some products are affected by factors such as supply and demand, cost fluctuations, and seasonal changes. The market sentiment is also influenced by external factors like oil prices, trade situations, and policy expectations [2][3][5][6][7][8] Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures fluctuated widely around the 5 - day moving average. The price hit a new low this year, but the market trading atmosphere improved as producers aimed to stabilize the market and downstream purchasing increased [2] - Plastic and polypropylene futures fluctuated. For polyethylene, the market was waiting for news, with cost support weakening and supply pressure increasing. For polypropylene, new capacity and reduced maintenance led to expected supply growth, while downstream demand was less than expected [2] Pure Benzene - Styrene - Pure benzene futures oscillated at a low level. The spot price in East China continued to fall.开工 declined, port inventory rose, and the high import volume was the main pressure. A monthly spread reverse arbitrage was recommended [3] - Styrene futures rose but remained below the 5 - day moving average. The cost support declined, supply decreased slightly, and demand increased slightly. However, the price still continued to decline [3] Polyester - PX and PTA prices rebounded in the morning and fell in the afternoon. PX supply decreased due to maintenance, while PTA supply was expected to increase. There was a profit improvement in the polyester industry, but PX and PTA prices were still weak with a back - spread strategy recommended [5] - Ethylene glycol prices oscillated. Domestic production decreased slightly, and the port continued to accumulate inventory. There was no substantial positive news in the short term, and the mid - term demand was to be observed [5] - Short - fiber had limited new capacity, high - load operation, and inventory reduction. It was recommended to be long - positioned. Bottle - chip's processing margin improved, but demand weakened with the cooling weather [5] Coal Chemical Industry - Methanol imports in coastal areas may slow down. The port inventory decreased last week, and the planned arrival volume was high this week. The domestic methanol production was at a high level, and the market was expected to oscillate in the short term and strengthen in the long term [6] - Urea futures oscillated strongly. Agricultural demand started, but industrial demand declined. The market supply was loose, and the price was expected to oscillate within a range [6] Chlor - Alkali - PVC supply was expected to increase as maintenance ended. Domestic demand was stable, and export might face pressure in the future. The price was expected to oscillate weakly [7] - Caustic soda supply might fluctuate slightly. Non - aluminum downstream replenished inventory at low prices, and it was recommended to be cautious when short - selling [7] Soda Ash - Glass - Soda ash continued to decline. Supply was still high, and demand from photovoltaic glass decreased. It was recommended to short after a rebound [8] - Glass prices continued to weaken. The glass factory's inventory increased, and downstream demand was mainly for rigid needs. It was suggested to sell out - of - the - money put options [8]

Report Industry Investment Ratings - Methanol: ☆☆☆ [1] - Urea: ☆☆☆ [1] - Polyolefins: Not provided - Styrene: ☆☆☆ [1] - Polyester: Not provided - Chlor - alkali: PVC (☆☆☆), Caustic Soda (☆☆☆) [1] - Glass and Soda Ash: Glass (☆☆☆), Soda Ash (☆☆☆) [1] Core Views - The chemical market shows a mixed trend with different products having various price and market outlooks based on supply - demand dynamics, seasonal factors, and policy influences [2][3][4] Summary by Commodity Methanol - The methanol market is in a low - level adjustment. Domestic device operation is down, and traditional downstream operations in the mainland are also decreased, with production enterprises slightly increasing inventory. In Jiangsu and Zhejiang, MTO device operation is continuously decreasing slightly, import demand is weak, and port inventory is slightly increasing. The market is expected to oscillate within a range, and attention should be paid to macro - aspects and Iranian shipping [2] Urea - Urea daily production has decreased significantly month - on - month but remains high year - on - year. Rainy weather has increased agricultural fertilizer demand, and it is the peak season for summer fertilizer use, leading to a decrease in production enterprise inventory. After port inspections were relaxed, port inventory has been increasing significantly. The short - term market is expected to be slightly strong, but demand will enter the off - season later [3] Polyolefins - Polyolefin futures are hovering around the 5 - day moving average. Polyethylene supply is increasing as maintenance losses decline, and demand has limited changes. The polypropylene supply is also expected to increase slightly, and overall downstream demand is weak [4] Styrene - Styrene futures are in a narrow - range movement. The cost support is insufficient due to weak supply - demand in the traditional benzene segment and no effective inventory reduction at ports. Supply pressure is obvious, and downstream demand is weak and stable [5] Polyester - PX and PTA prices are oscillating narrowly. The industry supply - demand pattern is loosening. PTA processing spreads, basis, and monthly spreads are under pressure. Ethylene glycol is expected to oscillate at the bottom. Short - fiber downstream load is decreasing, and bottle - chip enterprises are reducing production. Attention should be paid to inventory [6] Chlor - alkali - PVC is oscillating. There is an expected increase in supply in July. Domestic demand is weak, and exports are showing signs of weakening. Caustic soda is strong in the short - term due to cost drivers, but faces supply pressure in the long - term [7] Glass and Soda Ash - Glass prices are down. High inventory and weak demand continue, and there is limited potential for price increases. Soda ash inventory is increasing, and the futures price is weak. Supply is expected to oscillate at a high level, and demand is decreasing [8]